Customers Still Owed Billions in PPI Compensation

August 26th 2014 by Charlotte Campbell

The amount still to be claimed from the scandal surrounding payment protection insurance (PPI) mis-selling could run into the tens of billions, according to Financial Claim Services (FCS) which officially launches its new website today.

Recent analysis of PPI redress in recent FOS and FCA publications revealed that approximately £50 billion of PPI polices has been sold over the last 10 to 15 years. With £15.1 billion already paid out to claimants, and estimations for eventual redress believed to total approximately £24 billion, there is still so much more to be claimed.

In launching its new website, FCS, a subsidiary of Castle Keep Law Ltd, will be better placed than ever to ensure that consumers are compensated for what was wrongly sold to them. To date, FCS has helped nearly 5,000 people claim back over £14 million in PPI claims, with the average amount per claim for its customers totaling £2,900.

Concerned that the vast majority of paid for package banking solutions were mis-sold in some way, since January 2014 FCS has been helping customers make claims against mis-sold packaged bank accounts. Its average claim value is around £1,000. Though, the banking industry is still reticent to accept claims, with eight out of ten claims that have been denied at first stage going on to be upheld by the Financial Ombudsman Service.

Darren Smith, Head of Financial Claim Services commented: “The number of people we have helped since the launch of Financial Claims Services clearly shows the level of support that we can offer to consumers who have been treated badly and been sold a product that they never needed or wanted. The new website will mean that consumers will have access to an easy-to-use portal to ensure that they can seek redress for the bad behaviour of the institutions they once trusted.”Notes to editors

Part of Castle Keep Law Ltd, Financial Claim Services is fully authorised and regulated by the Solicitors Regulation Authority. Being part of a law firm, FCS complies with much higher standards of professional conduct than other claims management companies are required to.

FCS is also part of a bigger group of companies, the One Advice Group, which employs over 650 people in the North West of England. The service offered by FCS adds to the comprehensive suite of professional financial services offered by the Group, which includes debt management services through its Harrington Brooks brand and legal services through Castle Keep Law.

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